8:18 PM
Admin
Market Reviews:
Foreign investors continued selling Southeast Asian equities in June, with Indonesia leading as offshore investors rushed for the exits due to a rise in U.S. treasury yields and concern over the Federal Reserve's plan to scale back monetary stimulus.
STI opens with gap down @ 3104.28 and then made a day High @ 3117.85 and faced resistance At that level, after that it made day low @ 3774.33 and closed @same level with loss of 50.14 points down by 1.61%.Some 2.11 billion shares, valued at S$1.47 billion were traded. Losers outnumbered gainers 401 to 77.
According to the Monetary Authority of Singapore, CPI all items inflation rose slightly to 1.6% in May from 1.5% in April. Service Inflation picked up to 2.5% in May from 2.2% in April; Food Prices were up by 2% from last month 1.8%. Accommodation climbed by 5.1 % in May up from 2.4 in April.
Market forecast:
STI again fell below 3100 mark and took support @ 3074 mark today, but as it closed @ lowest level so we expect some more downside in near days.
STI formed a highly bearish pattern called Black closing Marubozu, which represents extreme bearishness and it is characterized with a long black body that has no lower shadow but has a upper shadow.
A Black Opening Marubozu indicates that the sellers controlled the price action from the first trade to the last trade. The day opens and prices continue to go down all day long without looking back, thus forming a long black day.
With today’s move now STI looks bearish and can lose further but as we previously mentioned that STI can be bullish above 3250 mark because it is an up sloping trend line which was acted as a major support level, so now it will act as a resistance level for STI.
Support:
STI having immediate support @ 3050 level and below this level it can take support @ 3035-3015 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3095 and above this level it may take resistance @ 3120-3150 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI fell and closed near to oversold level of 30 trading @ 27.14 and CCI fell again and trading @ -123.11.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3050 | 3035 | 3015 | 3095 | 3120 | 3150 |
Posts
